site.btaConsolidated Fiscal Programme Shows BGN 1,701.4 Mln Surplus in August

Consolidated Fiscal Programme Shows BGN 1,701.4 Mln Surplus in August
Consolidated Fiscal Programme Shows BGN 1,701.4 Mln Surplus in August
Finance Ministry (BTA Photo)

The consolidated fiscal programme (CFP) shows a BGN 1,701.4 million surplus as of end-August 2022, which is 1.1 % of the forecast GDP, the Finance Ministry reported Thursday. The report is based on data from the monthly reports on the cash performance of the budgets of first-level spending units. 

The surplus is formed by an excess of revenues over expenditures to the amount of BGN 1,043.7 million for the national budget and BGN 657.8 million for the EU funds.

The CFP revenues, grants and donations as of August 2022 totalled BGN 39,304.9 million, or 65.9% of the annual estimate. Proceeds have increased by BGN 5,821.1 million (17.4%) from this time last year. Tax and non-tax proceeds rose by BGN 5,592.4 million in nominal terms, while proceeds from grants and donations (mostly EU grants) were BGN 228.8 million more than this time last year.

Tax proceeds under CFP, including revenues from social security and health insurance contributions, totalled BGN 30,117.1 million, which is 65.3% of the annual target. Proceeds from taxes and social security and health insurance contributions have grown by BGN 3,881.6 million (14.8%) from this time last year, forming 76.6% of the overall CFP proceeds for the period.

Revenues from direct taxes amount to BGN 5,792.9 million, or 64% of the annual target. Indirect tax revenues amount to BGN 14,392 million (64.6% of the annual target), with VAT revenues amounting to BGN 10,274.8 million (64.1% of target), excise duty revenues to BGN 3,772.2 million (64.8% of target), and customs duty revenues to BGN 307.1 million (80.8% of annual target). Proceeds from other taxes, including property taxes and other taxes under the Corporate Income Tax Law, amounted to BGN 1,130.4 million, which was 80.6% of the annual target. Revenues from social security and health insurance contributions are BGN 8,801.2 million, or 65.7% of the annual target.

Non-tax revenues amount to BGN 7,154.9 million and are mostly formed by revenues from state, municipal and legal fees, revenues from rents, concession revenues, greenhouse gas emission allowance revenues, etc.

Proceeds from grants and donations amounted to BGN 2,032.9 million.

The expenditures, including the Bulgarian contribution to the EU budget, amounted to BGN 37,603.5 million, which is 57.1% of the annual estimates. For comparison, the expenditures as of end-August 2021 amounted to BGN 32,603.3 million.

Non-interest expenditures amounted to BGN 36,075.2 million, which is 57.1% of the annual target. Non-interest current expenditures totalled BGN 33,976.9 million. Capital expenditures stood at BGN 2,074.7 million. The current and capital transfers to other countries amounted to BGN 23.5 million. Interest payments totalled BGN 434.6 million, or 65.4% of the annual target.

The part of Bulgaria's contribution to the EU budget, paid from the central budget as of 31 August 2022, amounted to BGN 1,903.7 million.

The fiscal reserve as of August 31, 2022 totalled BGN 9.134 billion, including BGN 8.868 billion fiscal reserve deposits in BNB and banks and BGN 267 million receivables under the EU Funds for certified expenditure, advance payments, etc.

/YV/

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By 07:23 on 28.11.2022 Today`s news

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